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ISSUED BY <br />�2ANSNATION TffLE INSURANCE COMPANY LOAN POLICY OF TITLE INSUItA1NCE <br />Transnation <br />A LANDAMERICA CAMPANY � � <br />SUBJECT TO TI� EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B <br />AND THE CONDTTIONS AND STIPULATIONS, TRANSNATION TTTLE INSURANCE COMPANY, an Arizona corporation, herein <br />called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance <br />stated in Schedule A, sustained or incurred by the insured by reason of: . <br />1. Tide to the estate or interest described in Schedule A being vested other than as stated therein; <br />2. Any defect in or lien or encumbrance on the title; <br />3. Unmarketability of the title; <br />4. Lack of a right of access to and from the land; <br />5. The invalidity or unenforceability of the lien of the insured mortgage upon the title; <br />6. The priority of any lien or encumbrance over the lien of the insured mortgage; <br />7. Lack of priority of the lien of the insured mortgage over any statutory lien for services, labor or material: <br />(a) arising from an improvement or work related to the fand which is contracted for or commenced prior to Date of Policy; or (b) ar�sing <br />from an improvement or work related to the land which is contracted for or commenced subsequent to Date of Policy and which is financed <br />in whole or in part by proceeds of the indebtedness secured by the insured mortgage which at Date of Policy the insured has advanced or <br />is obligated to advance; <br />8. The invalidity or unenforceability of any assignmen[ of the insured mortgage, provided the assignment is shown in Schedule A, or the failure <br />of the assignment shown in Schedule A to vest tide to the insured mortgage in the named insured assignee free and clear of all liens. <br />The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title or the lien of the insured mortgage, as insured, <br />but only to the extent provided in the Conditions and Stipulations. <br />IN WITNESS WHEREOF, TRANSNATION TITLE INSURANCE COMPANY has caused its corporate name and seal to be hereunto <br />affixed by its duly authorized officers, the Policy to become valid when countersigned by an authorized officer or agent of the Company. <br />TRANSNATION TITLE INSURANCE COMPANY <br />Attest: � C��,, � ��,,,u„ <br />Secretary <br />B <br />�-/ � • �� <br />President <br />EXCLUSIONS FROM COVERAGE <br />The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' <br />fees or expenses which arise by reason of: <br />1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) re- <br />stricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location <br />of any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land <br />or any parcel oi` which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances <br />or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance result- <br />ing from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental <br />police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance <br />resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. <br />2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding <br />from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without <br />knowledge. <br />3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not <br />known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing <br />to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy; (c) resulting in no loss <br />or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy (except to the extent that this policy insures the <br />priority of the lien of the insured mortgage over any statutory lien for services, labor or material); or (e) resulting in loss or damage which <br />would not have been sustained if the insured claimant had paid value for the insured mortgage. <br />4. Unenforceability of the lien of the insured mortgage because of the inability or failure of the insured at Date of Policy, or the inability <br />or failure of any subsequent owner of the indebtedness, to comply with applicable doing business laws of the state in which the land is situated. <br />5. Invalidity or unenforceability of the lien of the insured mortgage, or claim thereof, which arises out of the transaction evidenced by the <br />insured mortgage and is based upon usury or any consumer credit protection or truth in lending law. <br />6. Any statutory lien for services, labor or materials (or the claim of priority of any statutory lien for services, labor or materials over the <br />lien of tl�aisured mortgage) arising from an improvement or work related to the land which is contracted for and commenced subsequent <br />to Date of Poliey and is not financed in whole or in part by proceeds of the indebtedness secured by the insured mortgage which at Date <br />of Policy the insured has advanced or is obligated to advance. <br />7. Any ciaun, which arises out of the transaction creating the interest of the moRgagee insured by this policy, by reason of the operation of federal <br />banktuptcy, state insoivency, or similar creditors' rights laws, that is based on: <br />(a) the transaction creating the interest of the insured mortgagee being deemed a fraudulent conveyance or fraudulent transfer; or <br />(b) the subordination of the interest of the insured mortgagee as a result of the application of the doctrine of equitable subordination; or <br />(c) the transaction creating the interest of the insured mortgagee being deemed a preferential transfer except where the preferential transfer <br />results from the failure: <br />(i) to timely record the instrument of transfer; or <br />(ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. <br />aa�n <br />ALTA Loan Policy (10/17/92) Valid only if Schedules A and B and Cover are attached <br />Face Pa�e ORIGINAL <br />Fnrm i Qi _�'20 <br />